证券代码：600505 证券简称：西昌电力 公告编号：2023-022 四川西昌电力股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 05 月 16 日(星期二) 至 05 月 22 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 xcdlgs@126.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 四川西昌电力股份有限公司（以下简称"公司"）已于 2023 年 3 月 31 日发布《公司 2022 年年度报告》，为便于广大投资者更全面深 入地了解公司 2022 年度经营成果、财务状况，公司计划于 2023 年 05 月 23 日 上午 09:00-10:00 举行 2022 年度业绩说明会，就投资者 关心的问题进行交流。 一、 说明会类型 三、 参加人员 董事长：林明星 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 326,415,428.97, representing a year-on-year increase of 19.74%[5] - The net profit attributable to shareholders was CNY -34,930,149.74, a decrease of 65.99% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -32,577,101.94, down 70.63% year-on-year[5] - The basic earnings per share were CNY -0.0958, a decrease of 66.03% year-on-year[6] - Net profit attributable to shareholders decreased by 65.99% year-on-year, mainly due to increased electricity purchase costs and operational expenses from the Kangwu Power Station[11] - Net loss for Q1 2023 was CNY 40,426,430.77, compared to a net loss of CNY 19,366,425.55 in Q1 2022, representing an increase in loss of 108.5%[21] - The company's total equity decreased to CNY 1,422,804,453.44 in Q1 2023 from CNY 1,461,023,515.51 in Q1 2022, a decline of 2.6%[20] - The total comprehensive loss for Q1 2023 was CNY -19,156,431.41, compared to CNY -20,759,073.40 in Q1 2022, reflecting a reduction in overall losses[31] Cash Flow - The net cash flow from operating activities was CNY 23,959,755.89, an increase of 167.48% compared to the previous year[5] - Cash flow from operating activities increased by 167.48% compared to the same period last year, driven by an increase in cash received from sales of goods and services[11] - In Q1 2023, the net cash flow from operating activities was ¥23,959,755.89, a significant improvement compared to a net outflow of ¥35,507,941.76 in Q1 2022, representing a turnaround of approximately 167.5%[23] - The net cash flow from investing activities was -¥29,942,674.38, an improvement from -¥185,369,042.90 in Q1 2022, indicating a reduction in cash outflow by approximately 83.9%[24] - Cash inflow from financing activities decreased significantly to ¥4,674,099.60 from ¥192,784,161.43 in Q1 2022, a decline of about 97.6%[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,569,095,410.27, a decrease of 1.34% from the end of the previous year[6] - The company's total assets decreased to CNY 4,569,095,410.27 in Q1 2023 from CNY 4,631,251,459.60 in Q1 2022, a decline of 1.3%[20] - Total liabilities decreased to CNY 3,146,290,956.83 in Q1 2023 from CNY 3,170,227,944.09 in Q1 2022, a reduction of 0.8%[19] - The company's total liabilities were ¥1,286,069,263.69, slightly down from ¥1,291,278,774.96 at the end of 2022, indicating a decrease of approximately 0.4%[29] Operational Costs and Expenses - Operating costs increased by 20.93% year-on-year, mainly due to higher electricity purchase costs and operational expenses from the new Kangwu Power Station[10] - Total operating costs for Q1 2023 were CNY 366,567,904.84, up 25.8% from CNY 291,462,295.58 in Q1 2022[20] - The company's financial expenses increased by 207.54% year-on-year, primarily due to interest expenses from project borrowings related to the operation of the new Kangwu Power Station[10] - The company reported a significant increase in financial expenses, which rose to CNY 23,943,159.27 in Q1 2023 from CNY 7,785,302.30 in Q1 2022[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,505[13] - The largest shareholder, State Grid Sichuan Electric Power Company, holds 20.1% of the shares, totaling 73,449,220 shares[14] - Sichuan Hydropower Investment Group holds 18.3% of the shares, totaling 66,770,883 shares[14] - The company reported a significant decrease in minority shareholders' profit by 427.79% year-on-year, primarily due to losses from subsidiaries[11] Inventory and Investment - The company's inventory increased by 56.71% compared to the beginning of the period, mainly due to increased engineering construction[9] - The company's inventory increased to CNY 50,352,719.16 in Q1 2023 from CNY 32,130,170.55 in Q1 2022, reflecting a growth of 57.0%[19] - The total investment cash outflow for Q1 2023 was CNY 70,551,067.47, compared to CNY 123,507,476.86 in Q1 2022, indicating a decrease of 42.83%[34] Product Development and Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[11]

Financial Performance - The company's operating revenue for 2022 was CNY 1,283,142,140.97, representing an 18.65% increase compared to CNY 1,081,472,929.68 in 2021[19] - The net profit attributable to shareholders for 2022 was CNY 45,180,325.20, a 6.24% increase from CNY 42,528,503.11 in 2021[19] - The net profit after deducting non-recurring gains and losses was CNY 52,007,537.28, which is a 34.09% increase from CNY 38,786,205.78 in 2021[19] - The cash flow from operating activities for 2022 was CNY 315,142,070.06, marking a 61.05% increase from CNY 195,684,434.50 in 2021[19] - The total assets at the end of 2022 were CNY 4,631,251,459.60, a 5.11% increase from CNY 4,406,058,778.82 at the end of 2021[19] - The basic earnings per share for 2022 were CNY 0.1239, reflecting a 6.17% increase from CNY 0.1167 in 2021[20] - The weighted average return on equity for 2022 was 3.63%, an increase of 0.12 percentage points from 3.51% in 2021[20] - The overall financial performance in 2022 reflects a significant recovery trajectory after initial losses, indicating resilience in a challenging market environment[30] Revenue and Profitability - The company achieved a total electricity sales volume of 2.839 billion kWh, an increase of 11.88% year-on-year[39] - The total power generation reached 928 million kWh, representing a year-on-year growth of 46.32%[39] - The company reported operating revenue of approximately CNY 1.283 billion, an increase of 18.65% compared to the previous year[40] - The net profit attributable to shareholders of the parent company was CNY 45.18 million, a year-on-year increase of 6.24%[40] - The revenue from the electricity supply segment was ¥1,158,903,317.19, with a gross profit margin of 19.85%, up from 16.34% in the previous year[46] - The gross profit margin for the water supply business increased by 0.22 percentage points to 19.06%, while the electricity supply business saw a margin increase of 0.90 percentage points to 22.03%[45] Cash Flow and Investments - The cash flow from operating activities showed significant improvement, moving from -¥35,507,941.76 in Q1 to ¥202,704,517.08 in Q4, indicating a strong recovery[22] - The company reported a significant reduction in cash outflow from investment activities, decreasing by 42.30% to -¥319,173,296.44, reflecting lower capital expenditures compared to the previous year[42] - The company’s investment activities generated a net cash flow of -319,173,296.44, a 42.30% improvement from -553,179,527.77 in the previous year[54] Operational Highlights - The company experienced a 23.95% increase in self-generated electricity output due to favorable water conditions in 2022[21] - The company completed the construction and operation of four units at the solid increase power station, doubling its equity installed capacity[37] - The company has a total installed capacity of 548,500 kW in hydropower, with an equity installed capacity of 245,500 kW[37] - The company is the only A-share listed company in Liangshan Prefecture, providing significant power supply support for local economic development[37] Strategic Initiatives - The company plans to continue its strategic focus on high-quality development and governance improvements in the coming years[30] - The company aims to achieve a 12% growth in industrial added value during the 2023 fiscal year, focusing on clean energy and resource industries[88] - The company is committed to high-quality transformation and development, aligning with national energy strategies and local industrial growth plans[89] - The company plans to invest in 101 projects with a total investment amount of 253 million yuan in 2023[90] Governance and Compliance - The board of directors emphasized compliance with regulations and effective governance, which contributed to the company's operational stability[31] - The company has a clear governance structure, with roles and responsibilities defined for its management and supervisory bodies[110] - The company has not faced any penalties from securities regulatory agencies in the past three years[117] Environmental and Social Responsibility - The company invested 6 million yuan in environmental protection during the reporting period[139] - The company implemented carbon reduction measures, resulting in a reduction of 508,517 tons of CO2 equivalent emissions[140] - The company has actively engaged in poverty alleviation and rural revitalization projects, benefiting 100 individuals with a total investment of 2.78 million yuan[142] Related Party Transactions - The company reported a total of 323,907,056.70 CNY in related party transactions, which is 100% of the total similar transaction amounts[156] - The company emphasizes that related party transactions are necessary for its operational needs and do not harm the interests of the company and its shareholders[157] Future Outlook - Future guidance estimates a revenue growth of 12% for the next fiscal year, driven by new product launches and market expansion[106] - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of 50 million earmarked for this purpose[106] - The company plans to enhance its analysis of electricity market policies and actively adapt to the new requirements of the electricity system reform to strengthen its core competitiveness[95]

Financial Performance - The company's operating revenue for Q3 2022 was CNY 311,932,290.76, a decrease of 0.59% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 26,676,305.05, down 39.03% year-on-year[5] - The basic earnings per share for the period was CNY 0.0731, reflecting a decline of 39.08% compared to the previous year[6] - Net profit for Q3 2022 was CNY 36,939,163.26, a decrease of 15.5% compared to CNY 43,463,434.95 in Q3 2021[20] - Operating profit for Q3 2022 was CNY 49,219,297.85, down from CNY 50,745,144.30 in the same period last year[20] - Total operating revenue for the first three quarters of 2022 reached CNY 877,864,385.15, an increase of 7.6% compared to CNY 815,791,607.54 in the same period of 2021[19] - Net profit for the first three quarters of 2022 was CNY 45,269,566.18, an increase of 17.1% from CNY 38,653,619.28 in the previous year[32] Assets and Liabilities - Total assets increased to CNY 4,565,197,445.52, representing a growth of 3.61% from the end of the previous year[6] - Total assets as of September 30, 2022, amounted to CNY 4,565,197,445.52, an increase of 3.6% from CNY 4,406,058,778.82 at the end of 2021[17] - Total liabilities increased to CNY 3,118,668,091.12, up from CNY 2,947,614,921.29, reflecting a growth of 5.8%[16] - The company's total liabilities amounted to CNY 1,257,051,257.33, an increase from CNY 1,161,914,044.69, reflecting a growth of 8.2%[29] Cash Flow - The company's cash flow from operating activities for the year-to-date was CNY 112,437,552.98, a decrease of 16.94%[6] - Cash flow from operating activities for Q3 2022 was CNY 112,437,552.98, a decrease of 16.9% compared to CNY 135,364,693.02 in Q3 2021[24] - The company had a net cash outflow of CNY 25,912,318.98 in Q3 2022, compared to a net outflow of CNY 65,839,016.65 in Q3 2021[25] - Operating cash inflow for the first three quarters of 2022 was approximately $900.56 million, an increase of 1.0% compared to $884.65 million in the same period of 2021[33] - Net cash flow from operating activities for the first three quarters of 2022 was $160.84 million, up from $151.02 million in 2021, reflecting a growth of 6.0%[33] Receivables and Inventory - Accounts receivable increased by 51.82%, primarily due to an increase in electricity receivables and photovoltaic subsidies[9] - Accounts receivable increased to CNY 162,278,695.87, up 51.8% from CNY 106,888,428.25 at the end of 2021[14] - Inventory rose by 88.37%, mainly due to increased construction activities during the period[9] - Inventory levels rose significantly to CNY 57,493,397.72, compared to CNY 30,522,317.33 in the previous year, marking an increase of 88.5%[15] Financial Expenses - The company reported a 26.19% increase in financial expenses, attributed to interest expenses from capitalized borrowing costs[9] - The company's financial expenses for the first three quarters of 2022 were CNY 13,160,702.87, compared to CNY 11,901,294.68 in the same period of 2021, indicating an increase of 10.6%[30] Shareholder Information - The total equity attributable to shareholders was CNY 1,251,514,525.25, an increase of 1.97% compared to the previous year[6] - The company recorded a total of 28,305 common shareholders at the end of the reporting period[10] Cash and Cash Equivalents - The company's cash and cash equivalents decreased to CNY 182,581,709.05 as of September 30, 2022, down from CNY 211,374,001.11 at the end of 2021, representing a decline of 13.6%[14] - Cash and cash equivalents at the end of Q3 2022 were CNY 182,577,709.05, down from CNY 222,699,449.50 at the end of Q3 2021[25] - The company's cash and cash equivalents decreased to CNY 73,919,998.84 from CNY 137,337,913.18, indicating a decline of 46.1%[27] - The cash and cash equivalents at the end of Q3 2022 stood at $73.92 million, a decrease from $164.30 million at the end of Q3 2021[34]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 565,932,094.39, representing a year-on-year increase of 12.73% compared to CNY 502,023,453.63 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2022 was CNY 10,963,219.88, a significant increase of 490.39% from a loss of CNY 2,808,271.01 in the previous year[19]. - The net cash flow from operating activities was CNY 36,652,795.88, up 24.21% from CNY 29,509,854.77 in the same period last year[19]. - The basic earnings per share for the first half of 2022 was CNY 0.0301, compared to a loss of CNY 0.0077 in the same period last year, marking an increase of 490.91%[21]. - The company's sales volume increased by 14.27% year-on-year, and self-generated electricity sales rose by 46.24%, contributing to improved financial performance[21]. - The weighted average return on net assets for the first half of 2022 was 0.8893%, an increase of 1.13 percentage points from -0.2400% in the same period last year[21]. - The company reported non-recurring gains of CNY 5,759,230.50 from government subsidies closely related to its normal business operations[23]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 4,433,487,456.79, reflecting a 0.62% increase from CNY 4,406,058,778.82 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were CNY 1,224,885,728.39, a slight decrease of 0.20% from CNY 1,227,345,875.55 at the end of the previous year[19]. - The company's operating costs increased by 8.18%, primarily due to a 4.15% rise in purchased electricity[31]. - The total liabilities decreased by 52.61% for accounts payable, amounting to CNY 101,355,966.66, down from CNY 213,872,160.30[41]. - The company's short-term borrowings increased by 53.31%, reaching CNY 115,101,369.69, compared to CNY 75,077,825.00 in the previous year[40]. Operational Efficiency and Development - The company is focusing on enhancing the operational efficiency of smart meters and improving the electricity business environment[31]. - The company is actively upgrading rural distribution networks to ensure safe operation, meeting national standards[32]. - The company is committed to strengthening safety management and enhancing the operational safety of hydropower stations[32]. - The company is advancing the construction of a robust power grid, with ongoing projects such as the new 110kV substation and associated line works[33]. - The company plans to continue expanding its investment in fixed assets and intangible assets, with a focus on new energy projects and infrastructure development[35]. Market and Competition Risks - The company faces policy risks due to the accelerating electricity system reform, which may lead to increased competition in the electricity market[54]. - The company is at risk of losing three bulk electricity customers due to the completion of their own power grids, which could negatively impact economic benefits and grid stability[55]. - The company anticipates continued pressure on profit margins due to government policies aimed at reducing electricity prices to stimulate growth[55]. - The company plans to enhance its electricity supply capacity through self-construction, acquisitions, and network integration to mitigate operational risks[57]. Community Engagement and Social Responsibility - The company reported a total of 1.4 million yuan in assistance funds raised in the first half of 2022, implementing one project[70]. - A total of 72 training sessions were conducted in the first half of 2022, with 67 participants being grassroots cadres and 5 being rural revitalization leaders[70]. - The company purchased agricultural products from poverty alleviation areas amounting to 39,619 yuan in the first half of 2022[70]. - The company donated a total of 21,000 yuan in educational supplies and funds to the Afilaodai Village primary school and kindergarten[72]. Legal and Regulatory Matters - The company is involved in a significant lawsuit regarding a share transfer dispute with Chongqing Fuling Investment Group, which has been ongoing since 2019[76]. - As of September 14, 2021, the Sichuan High Court ruled against Xichang Electric Power in the lawsuit, ordering them to pay 4,351,432 yuan in case acceptance fees and 5,000 yuan in property preservation fees[77]. - The company and its controlling shareholder, State Grid Sichuan Electric Power, have no outstanding court judgments or significant debts due as of the reporting period[79]. Shareholder Information - Total number of common shareholders as of the end of the reporting period is 30,555[99]. - The top shareholder, State Grid Sichuan Electric Power Company, holds 73,449,220 shares, representing 20.15% of total shares[100]. - Sichuan Water Investment Group holds 66,770,883 shares, accounting for 18.32% of total shares[101]. - Liangshan Development (Holding) Group holds 61,578,420 shares, which is 16.89% of total shares[101]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the enterprise accounting standards, reflecting the company's financial position and operating results accurately[156]. - The company has six subsidiaries included in the consolidated financial statements, with no changes compared to the previous year[152]. - The company’s accounting policies include provisions for bad debts, fixed asset classification, and revenue recognition[155]. - Financial assets are classified into three categories upon initial recognition: 1) measured at amortized cost; 2) measured at fair value with changes recognized in other comprehensive income; 3) measured at fair value with changes recognized in profit or loss[167].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 272,604,068.65, representing a year-on-year increase of 10.11%[5] - The net profit attributable to shareholders of the listed company was CNY -21,043,187.06, a decrease of 1372.53% compared to the same period last year[5] - The basic earnings per share for the period was CNY -0.0577, reflecting a decline of 1382.69% year-on-year[6] - The company's operating profit decreased by 396.60% year-on-year, mainly due to an increase in the average purchase price of electricity[10] - The total profit for the period decreased by 379.60% compared to the same period last year, attributed to rising electricity purchase costs[10] - The net profit from minority shareholders decreased by 40.06%, primarily due to weather impacts on the profitability of a controlling subsidiary[10] - Net profit for Q1 2022 was a loss of CNY 19,366,425.55, compared to a profit of CNY 4,450,838.12 in Q1 2021, indicating a significant decline[22] - The net profit for Q1 2022 was -20,759,073.40 RMB, compared to a net profit of 2,207,050.78 RMB in Q1 2021, indicating a significant decline[32] - Operating profit for Q1 2022 was -20,158,105.69 RMB, while in Q1 2021 it was 2,891,916.03 RMB, reflecting a negative performance shift[32] - The total comprehensive income for Q1 2022 was -20,759,073.40 RMB, compared to 2,207,050.78 RMB in Q1 2021, highlighting a substantial downturn[32] Cash Flow and Assets - The net cash flow from operating activities was CNY -35,507,941.76, a decrease of 504.31% compared to the previous year[5] - The company's cash flow from operating activities for Q1 2022 was CNY 266,784,307.71, compared to CNY 256,545,492.27 in Q1 2021, showing a growth of 4.8%[24] - The company's total assets as of Q1 2022 were CNY 4,364,558,491.37, slightly down from CNY 4,406,058,778.82 in the previous quarter[18] - The total cash and cash equivalents at the end of the period were CNY 106,370,014.62, down from CNY 199,752,223.02 at the end of Q1 2021[26] - The company's total assets as of March 31, 2022, were CNY 2,535,646,696.75, an increase from CNY 2,504,915,733.62 at the end of 2021[29] - The total liabilities increased to CNY 1,213,404,081.22 from CNY 1,161,914,044.69 in the previous year[29] - The company's long-term equity investments amounted to CNY 704,598,271.27, up from CNY 656,128,271.27 at the end of 2021[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 32,116[12] - The largest shareholder, State Grid Sichuan Electric Power Company, holds 73,449,220 shares, representing 20.15% of total shares[12] Operating Costs and Expenses - Total operating costs for Q1 2022 were CNY 291,462,295.58, up from CNY 247,457,864.80 in Q1 2021, representing an increase of 17.8%[21] - The company reported a significant increase in management expenses to CNY 23,067,119.51 in Q1 2022 from CNY 21,216,641.49 in Q1 2021, an increase of 8.7%[22] - The company incurred a total operating cost of CNY 246,683,762.55, which was higher than CNY 205,410,678.50 in the same period last year[31] Investments and Financing - The net cash flow from investing activities was CNY -185,369,042.90, compared to CNY -122,337,109.50 in Q1 2021[26] - The financing activities generated a net cash flow of CNY 115,872,998.17, significantly higher than CNY 35,235,547.86 in the previous year[26] - The company reported a significant increase in cash outflows for investment activities, totaling -123,507,476.86 RMB in Q1 2022, compared to -46,242,710.01 RMB in Q1 2021[34] Market Strategy - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[14] - The company has not reported any significant mergers or acquisitions during the reporting period[14] - There are no significant changes in the audit opinion type for the financial statements, indicating stability in financial reporting[14]

Financial Performance - The company's operating revenue for 2021 was CNY 1,081,472,929.68, representing a year-on-year increase of 12.43% compared to CNY 961,911,069.56 in 2020[18]. - The net profit attributable to shareholders for 2021 was CNY 42,528,503.11, which is a 24.55% increase from CNY 34,145,924.76 in 2020[18]. - The basic earnings per share for 2021 was CNY 0.1167, up 24.55% from CNY 0.0937 in 2020[19]. - The company's total assets increased by 10.67% to CNY 4,406,058,778.82 in 2021, compared to CNY 3,981,136,916.57 in 2020[18]. - The cash flow from operating activities for 2021 was CNY 195,684,434.50, a decrease of 24.15% from CNY 258,003,863.68 in 2020[18]. - The company reported a decrease of 4.00% in net profit after deducting non-recurring gains and losses, amounting to CNY 38,786,205.78 in 2021 compared to CNY 40,402,332.69 in 2020[18]. - The total revenue for the year was approximately 1,074.95 million, an increase of 20.27% compared to the previous year[45]. - The company's operating profit increased by 18.84% year-on-year, reaching ¥60,791,685.77[38]. - The total revenue for the period was 25,378.45 million RMB, reflecting a year-on-year increase of 2.93%[63]. Electricity Sales and Generation - The electricity sales volume (excluding photovoltaic) increased by 3.04% year-on-year, with electricity business revenue (excluding photovoltaic) growing by 12.79%[20]. - The average selling price of electricity (excluding tax and photovoltaic) increased by 9.46% year-on-year due to changes in sales structure[20]. - The company achieved a total electricity sales volume of 25.38 billion kWh, an increase of 2.93% year-on-year[38]. - The total electricity generation for the reporting period was 63,453.90 million kWh, a decrease of 14.45% year-on-year[65]. - The company's electricity generation decreased by 14.45% year-on-year to 635 million kWh, with the Tangniwan photovoltaic power station generating 61.55 million kWh[38]. - The total electricity traded in the market reached 2,238.38 million kWh, an increase of 4.99% compared to the previous year[68]. Investments and Assets - The company reported an increase in investment in other equity instruments, with a total of CNY 75,470,585.50 at year-end, up from CNY 73,469,285.50 at the beginning of the year[28]. - The company's total installed hydropower capacity is 706,300 kW, with self-owned and controlled hydropower stations accounting for 124,800 kW[35]. - The company has a total of 14 equity investment enterprises, with a long-term equity investment value decreasing from 16,986,369.61 yuan to 16,861,746.52 yuan, a reduction of 124,623.09 yuan[73]. - The company has a total of 182.2 million shares, with the controlling shareholder, Liangshan Development (Holding) Group, delegating certain rights to State Grid Sichuan Electric Power Company[179]. Costs and Expenses - The total cost of sales was approximately 857.10 million, reflecting a year-over-year increase of 13.51%[48]. - The company experienced a significant increase in costs related to electricity purchases, which rose by 10.94% year-over-year[48]. - Sales expenses increased by 26.64% to approximately 34.11 million, while management expenses rose by 21.74% to approximately 96.33 million[50]. Corporate Governance and Management - The company has conducted 4 board meetings and reviewed 34 proposals during the reporting period, ensuring effective governance and decision-making[97]. - The company emphasizes safety management and infrastructure upgrades to improve the resilience of its power grid against accidents[93]. - The company’s board of directors has established specialized committees, including the Audit Committee and the Strategic Committee, with specific members assigned to each[119]. - The company’s financial management system was reviewed and approved during the eighth board's thirty-fourth meeting on August 27, 2021[116]. Social Responsibility and Community Engagement - The company is committed to social responsibility, focusing on rural revitalization and environmental protection initiatives[98]. - The company is actively involved in rural revitalization efforts, having established a five-year plan for targeted assistance in two villages[141]. - The company organized a "purchase instead of donation" initiative, successfully consuming 8,040 pounds of potatoes and 80 chickens, contributing to local economic stability[144]. Future Outlook and Strategic Initiatives - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[107]. - The company plans to invest CNY 33,387.3 million in 69 projects in 2022, with a projected electricity generation of 124,475 million kWh, including 117,535 million kWh from hydropower[87]. - The company aims to enhance traditional business efficiency and accelerate online services through a comprehensive electricity information collection and intelligent marketing management system[69]. Legal and Compliance Matters - The company is involved in a legal dispute regarding the transfer of 50 million shares of Huaxi Securities, with the court ruling to suspend the litigation as of July 18, 2019[152]. - The audit opinion confirms that the financial statements of Sichuan Xichang Electric Power Co., Ltd. fairly reflect its financial position as of December 31, 2021, and its operating results for the year 2021[190]. Related Party Transactions - The company reported a total of 346,961,420.32 CNY in related party transactions for the month, accounting for 100% of similar transaction amounts[156]. - The company purchased electricity from related parties, with the largest transaction being 300,281,003.03 CNY from State Grid Sichuan Electric Power Company, representing 86.54% of total related party purchases[156]. - The company emphasizes that its related party transactions are conducted at fair market prices and do not harm the interests of the company or its shareholders[157].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 313,768,153.91, representing an increase of 11.66% compared to the same period last year[5]. - The net profit attributable to shareholders decreased by 28.27% to CNY 43,754,596.14, while the net profit after deducting non-recurring gains and losses was CNY 44,913,599.09, down 26.14%[5]. - Basic and diluted earnings per share were both CNY 0.1200, reflecting a decrease of 28.27% year-on-year[6]. - Total operating revenue for the first three quarters of 2021 reached CNY 815,791,607.54, an increase of 16.1% compared to CNY 702,369,141.80 in the same period of 2020[23]. - Net profit for the third quarter of 2021 was CNY 43,463,434.95, representing a 31.9% increase from CNY 32,943,189.04 in the same quarter of 2020[24]. - The total comprehensive income for Q3 2021 was ¥43,463,434.95, compared to ¥32,943,189.04 in Q3 2020, indicating a year-over-year increase of about 32%[25]. - Basic and diluted earnings per share for Q3 2021 were both ¥0.1123, up from ¥0.0725 in Q3 2020, reflecting a growth of approximately 55%[25]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,325,702,675.66, an increase of 8.65% from the end of the previous year[6]. - Total assets as of September 30, 2021, amounted to CNY 4,325,702,675.66, compared to CNY 3,981,136,916.57 at the end of 2020, reflecting a growth of 8.6%[20]. - Total liabilities increased to CNY 2,850,851,853.61 as of September 30, 2021, from CNY 2,538,898,497.78 at the end of 2020, marking a rise of 12.3%[21]. - Shareholders' equity totaled $1,442,238,418.79, with equity attributable to the parent company at $1,194,765,792.77[33]. - The total liabilities to equity ratio stands at approximately 1.76, indicating a leveraged position[32][33]. Cash Flow - Cash flow from operating activities for the year-to-date was CNY 135,364,693.02, showing a decrease of 3.59% compared to the same period last year[5]. - Cash inflows from operating activities for the first three quarters of 2021 totaled ¥922,469,756.17, compared to ¥807,644,844.76 in the same period of 2020, marking an increase of about 14%[27]. - The net cash flow from operating activities for the first three quarters of 2021 was ¥135,364,693.02, slightly down from ¥140,402,545.50 in the same period of 2020, a decrease of about 4%[27]. - The net cash flow from investing activities for the first three quarters of 2021 was -¥387,583,036.81, worsening from -¥290,770,022.42 in the same period of 2020[28]. - The net cash flow from financing activities for the first three quarters of 2021 was ¥186,379,327.14, an increase from ¥100,902,359.23 in the same period of 2020, representing an increase of approximately 84%[28]. Shareholder Structure - The number of ordinary shareholders at the end of the reporting period was 28,181[10]. - The largest shareholder, State Grid Sichuan Electric Power Company, held 20.15% of the shares, totaling 73,449,220 shares[11]. - Sichuan Water Investment Group holds 66,770,883 shares, indicating strong institutional support[12]. - The top ten shareholders include Liangshan Development (Holding) Group with 61,578,420 shares, reflecting a concentrated ownership structure[12]. - The company has a total of 12,770,883 shares held through ordinary accounts and 54,000,000 shares through credit securities accounts by Sichuan Water Investment Group[13]. - Liangshan Development (Holding) Group holds 25,327,900 shares through ordinary accounts and 36,250,520 shares through credit securities accounts, showcasing their investment strategy[13]. Legal Matters - The company is involved in a legal dispute regarding the return of 50 million shares of Huaxi Securities, which may impact future profits[14]. - The company has filed an appeal against the Sichuan High Court's ruling, seeking the return of the aforementioned shares and associated benefits[15]. - There is an ongoing uncertainty regarding the impact of the legal case on the company's financial performance, which investors should monitor closely[15]. Operational Insights - The company experienced a significant increase in accounts receivable by 167.72%, primarily due to increased electricity fees and photovoltaic subsidies[9]. - The company reported a 40.35% increase in operating profit, attributed to a substantial growth in electricity sales volume and changes in electricity pricing policies[9]. - The company has not disclosed any new product developments or market expansion strategies in the current report[17]. - As of September 30, 2021, the company has not provided specific financial results in the available documents, indicating a need for further disclosures[17]. - The company did not report any net profit from subsidiaries prior to the merger in Q3 2021, consistent with the previous period[26].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥502,023,453.63, representing a 19.14% increase compared to ¥421,377,359.19 in the same period last year[17]. - The net profit attributable to shareholders was a loss of ¥2,808,271.01, a significant improvement of 91.88% from a loss of ¥34,567,265.86 in the previous year[17]. - The net cash flow from operating activities was ¥29,509,854.77, down 17.59% from ¥35,809,050.88 in the same period last year[17]. - The company's basic earnings per share improved to -¥0.0077 from -¥0.0948, reflecting a 91.88% increase[18]. - The weighted average return on net assets increased to -0.24% from -2.97%, showing an improvement of 2.73 percentage points[18]. - The company reported a net profit of CNY 6,190,197.29 for the first half of 2021, a significant recovery from a net loss of CNY 29,573,373.16 in the same period of 2020, marking a turnaround of over 120%[111]. - Operating profit for the first half of 2021 was CNY 7,869,198.31, compared to an operating loss of CNY 29,003,409.81 in the first half of 2020, indicating a substantial improvement[111]. - The total comprehensive income for the period decreased by 34,567,000, resulting in a total of -30,805,000 for the current year[123]. Revenue and Sales - The increase in operating revenue was primarily driven by a 15.44% growth in electricity sales, including photovoltaic sales[19]. - The total electricity sales volume reached 1,032.82 million kWh, up 15.44% compared to the same period last year[27]. - Total revenue from sales of goods and services reached CNY 574,365,960.30, up from CNY 496,243,099.53 in the previous year, reflecting a growth of approximately 15.7%[113]. - Revenue from electricity sales is primarily recognized based on actual electricity consumption measured monthly, categorized by user types such as residential, commercial, and industrial[200]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,021,477,849.76, an increase of 1.01% from ¥3,981,136,916.57 at the end of the previous year[17]. - The company's total liabilities at the end of the period were ¥4,020,000,000, with long-term borrowings increasing by 5.65% to ¥1,621,308,154.70[34]. - The company's total liabilities increased to ¥1,099,835,826.62 in the first half of 2021, compared to ¥995,060,671.42 in the first half of 2020, marking an increase of 10.5%[104]. - The total equity of the company as of the first half of 2021 was ¥1,279,289,569.05, slightly down from ¥1,284,036,396.76 in the same period of 2020[104]. Investment and Cash Flow - The company's investment activities resulted in a net cash outflow of ¥235,317,611.72, a significant increase of 154.67% compared to the previous year[31]. - The company’s cash outflow from investing activities was CNY 235,826,661.72, compared to CNY 92,399,791.05 in the previous year, indicating a substantial increase in investment activities[115]. - The company generated a net cash flow from operating activities of CNY 29,509,854.77, down from CNY 35,809,050.88 in the first half of 2020, showing a decrease of about 17.5%[115]. Operational Highlights - The company is actively involved in the construction of a robust power grid, with several transformer projects approved and underway[30]. - The company is focusing on the development of clean energy sources, primarily hydropower and solar energy, which are prioritized by national policies[26]. - The company aims to enhance the penetration rate of smart meters and improve remote collection rates[27]. - The company has implemented a safety management mechanism to ensure stable operations, addressing 130 safety issues during inspections[29]. Legal and Compliance - The company has ongoing significant litigation matters, including a lawsuit against Chongqing Fuling Investment Group regarding property return and infringement[69]. - The company continues to monitor and manage its legal affairs to ensure compliance and mitigate risks associated with ongoing litigation[70]. - The company has maintained compliance with court judgments and has no significant overdue debts as of the reporting period[71]. Shareholder Information - The top ten shareholders include State Grid Sichuan Electric Power Company holding 20.15% and Sichuan Water Investment Group holding 18.32%[91]. - The company held its annual shareholders' meeting on May 19, 2021, where 10 proposals including the 2020 financial report were approved[59]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[60]. Accounting Policies - The company’s financial statements are prepared based on the going concern principle, indicating a history of profitable operations and sufficient financial resources to support ongoing activities[143]. - The company recognizes revenue when control of the goods is transferred to the customer, reflecting the economic benefits that increase shareholders' equity[198]. - The company applies the relevant accounting standards for the transfer of financial assets, ensuring compliance with the applicable regulations[158].

Financial Performance - Operating revenue increased by 19.23% to CNY 247,579,816.93 year-on-year[5] - Net profit attributable to shareholders increased by 111.27% to CNY 1,653,643.76 compared to a loss of CNY 14,670,019.88 in the same period last year[5] - Basic earnings per share increased by 111.19% to CNY 0.0045 from a loss of CNY 0.0402 in the same period last year[5] - The company's operating profit for Q1 2021 was ¥5,915,195.16, a significant increase of ¥15,282,392.99 or 163.15% compared to the same period last year, primarily due to higher electricity sales volume[12] - Net profit for Q1 2021 was CNY 4,450,838.12, a significant recovery from a net loss of CNY 10,969,171.62 in Q1 2020[29] - Total operating revenue for Q1 2021 was CNY 247,579,816.93, an increase of 19.2% compared to CNY 207,647,223.86 in Q1 2020[28] Cash Flow - The net cash flow from operating activities improved by 18.81%, reaching a negative CNY 5,875,813.95, compared to a negative CNY 7,237,194.48 in the previous year[5] - The company reported a cash inflow from operating activities of CNY 256,545,492.27 in Q1 2021, compared to CNY 223,906,099.74 in Q1 2020, indicating a growth of 14.6%[33] - Total cash inflow from operating activities was 289,339,198.54 RMB, up from 229,901,303.49 RMB in the previous year, reflecting a growth of approximately 26%[34] - Cash outflow from operating activities increased to 295,215,012.49 RMB from 237,138,497.97 RMB, representing a rise of about 24%[34] - The net cash flow from investing activities was -122,337,109.50 RMB, compared to -30,746,519.78 RMB in Q1 2020, showing a significant increase in investment outflows[34] - Cash inflow from financing activities was 69,261,629.64 RMB, while cash outflow was 34,026,081.78 RMB, resulting in a net cash flow of 35,235,547.86 RMB[35] Assets and Liabilities - Total assets decreased by 2.33% to CNY 3,888,314,813.60 compared to the end of the previous year[5] - The company reported a significant increase in accounts receivable by 34.38%, totaling CNY 121,856,727.32, primarily due to increased electricity receivables and solar subsidy claims[11] - The total current assets as of March 31, 2021, were ¥203,996,592.83, down from ¥292,729,598.61 at the end of 2020, reflecting a decrease in liquidity[21] - The company’s total liabilities decreased by ¥166,008,865.9 or 68.25%, primarily due to payments made on accounts payable[12] - Current liabilities decreased from CNY 799,346,395.81 to CNY 680,615,951.75, a reduction of about 14.85%[23] - Total liabilities decreased from CNY 2,538,898,497.78 to CNY 2,441,585,631.52, a decrease of around 3.84%[23] Shareholder Information - The total number of shareholders reached 33,193 by the end of the reporting period[9] - The top three shareholders hold a combined 55.36% of the shares, with State Grid Sichuan Electric Power Company holding 20.15%[9] Other Financial Metrics - The weighted average return on equity increased by 1.39 percentage points to 0.1390%[5] - The company incurred a credit impairment loss of CNY 4,500,000.00 in Q1 2021, with no such loss reported in Q1 2020[29] - The company’s management expenses increased to CNY 21,216,641.49 in Q1 2021 from CNY 16,943,356.44 in Q1 2020, reflecting a rise of 25.5%[28] - The company has not provided guidance indicating a potential loss or significant change in net profit compared to the previous year[19] - The company is involved in ongoing litigation regarding a dispute over 50 million shares of Huaxi Securities, which may impact future profits[13]